The Bureau of Internal Revenue (BIR) in the Philippines has issued a draft regulation that would impose a 1% creditable withholding tax on half of the gross income payments made by online platform providers to suppliers of goods and services. The proposed regulation aims to capture information on sellers of goods and services who are obliged to declare their income resulting from these transactions for tax purposes. The regulation is open for comments until May 2, 2023.
Source Orbitax
Latest Posts in "Philippines"
- Philippines Faces Potential Tariffs as Trump Targets Countries with Digital Taxes
- Philippines Announces VAT Exemption on Medicines to Lower Healthcare Costs and Improve Access
- Philippines President Approves VAT Refund Program to Boost Tourism by 2024
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Outsourcing Services Case
- Philippine Court Denies VAT Refund for Singapore Firm Due to Insufficient Documentation
